Iran is ready to swap 500,000 bpd of oil with its fellow Caspian Sea countries, Iranian Fars news agency reported on Friday, quoting a senior official. According to Hamid Hosseini, head of the North department at Iranian Oil Pipeline and Telecommunication Company, a 272-km (169 miles) pipeline has been built to ship crude oil from the Neka terminal on the Caspian Sea to a Tehran refinery. Under the swap deals, refineries in Tehran and Tabriz use the swapped oil, while Iran delivers the same amount it receives via the Kharq Oil Terminal in the Persian Gulf. Last week, Iran resumed the oil swaps in the Caspian Sea after a 7-year suspension, Platts reported , quoting the National Iranian Oil Co. Several oil tankers have already been offloaded at the Neka terminal, the Iranian company said, but did not name the countries with which it had resumed swap deals. Before […]